The stock listed at Rs 585, reflecting a fall of 9.3 per cent against the issue price, on the BSE.
On the NSE, it tumbled 9.45 per cent to Rs 584 in opening session.
The initial share sale of the company was subscribed 7.83 times. The price band of the issue was fixed at Rs 630-645.
The company was launched in 1984 as an exclusive woollen brand by Oswal Woollen Mills Ltd (OWML).
Meanwhile, in the broader market the Sensex was trading with a gain of 315.87 points at 27,442.44.
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